No, you must first copy the wave file to an hard disk. The program needs to write the .npk file (needed for displaying the waveform) in the same location as the wav file, and that's not possible with a CD Rom. Even if it was possible, you would get horrible performance as soon as you'll add more than 1 wave file from a CD rom: the program reads small pieces of data from each wave file, jumping from one file to another, and even very fast CD-Roms are very slow at this because they have poor seek times (I think at least an order of magnitude greater than hard disks).
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